Speaker 1: Hello.
Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the
Speaker 2: Order Kerni Whoalbury and a waddery woman. And before we
Speaker 2: get started on She's on the Money podcast, I would
Speaker 2: like to acknowledge the traditional custodians of the land of
Speaker 2: which this podcast is recorded on a wondery country, acknowledging
Speaker 2: the elders, the ancestors and the next generation coming through
Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and
Speaker 2: the storytelling of you to make a difference for today
Speaker 2: and lasting impact for tomorrow.
Speaker 1: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 1: Hello, and welcome to She's on the Money podcast for
Speaker 1: millennials who want financial freedom. My name is Beck Sayed
Speaker 1: and VD Today we are talking about the cost and
Speaker 1: considerations of moving overseas. Hello, Becksayed. We absolutely are, and
Speaker 1: according to Smart Traveler, at any time, there are around
Speaker 1: one million Australians living and working overseas, so I think
Speaker 1: this is relatively important to talk about.
Speaker 4: Yea and millions.
Speaker 1: I didn't expect that number, so a lot of people
Speaker 1: will be able to relate to this one. I feel
Speaker 1: like that's true. But I also feel like, even if
Speaker 1: they're not currently overseas, how many of us have fantasized
Speaker 1: about moving to London exactly, but we all want to
Speaker 1: do it. How much is it going to cost that?
Speaker 1: Please talk about it.
Speaker 5: We're going to give you the answers today. Now.
Speaker 1: I know each country, of course has specific costs and requirements,
Speaker 1: but today we're giving you a general consideration, talking things
Speaker 1: like bank accounts, hex tax, super investments, etcetera, etcetera. But first,
Speaker 1: b what are some rough ranges for shipping your stuff overseas?
Speaker 1: Just to give us for shipping your stuff overseas? That's
Speaker 1: where you want to start. I want to start there.
Speaker 1: Want to start there? Do you reckon? You chip all
Speaker 1: your stuff overseas too? Maybe be cheaper than selling everything?
Speaker 1: About buying it brand new? It's a good point. You'll
Speaker 1: find out if that's the case, because I've got some cheeky,
Speaker 1: chiky novels.
Speaker 2: Are you?
Speaker 4: Are you already?
Speaker 5: I'm ready?
Speaker 1: So obviously everyone's circumstances and destination are completely different. But
Speaker 1: here's a quick overview of the average moving overseas shipping
Speaker 1: costs to various destinations around the world. Right, so this
Speaker 1: is based on moving belongings for obviously an entire three
Speaker 1: bedroom house moving port to port. I got all these
Speaker 1: stats back from a website called Syrello I think that's
Speaker 1: how you say it. But essentially they're an online platform
Speaker 1: who I guess cross compare moving quotes and costs. Obviously
Speaker 1: we're not endorsing them because I've never heard of them before,
Speaker 1: but I found their data and stats really interesting and
Speaker 1: there's nowhere also on the internet that actually provides this information.
Speaker 1: So if you're planning on moving overseas, this might be
Speaker 1: like a helpful tool. So we're moving from Australia, yep,
Speaker 1: all of these are based on you moving from Australia.
Speaker 1: You're going to move to New Zealand. It's going to
Speaker 1: cost between eight hundred and sixty to thirteen hundred and
Speaker 1: forty five dollars to move your stuff.
Speaker 5: Oh okay, that's not as bad as I thought.
Speaker 1: To be honest, I feel like a grand is about
Speaker 1: what people are spending on, like a brand new mattress
Speaker 1: and bed frame and bedside tables and stuff. So might
Speaker 1: it make sense to actually take your own in this case?
Speaker 5: Yes, I think so.
Speaker 4: If you're move.
Speaker 1: Into Singapore, it's between seventeen hundred and twenty three hundred bucks,
Speaker 1: Japan seventeen hundred twenty six hundred dollars Canada five grand
Speaker 1: to twelve and a half thousand dollars. So we are
Speaker 1: starting to get up there. Okay, you're going to move
Speaker 1: to France, it's between five thousand to seven thousand, nine
Speaker 1: hundred bucks UK, which I think is arguably the most popular,
Speaker 1: because who doesn't want to move to London? The one
Speaker 1: between five thousand, two hundred to eight grand, And if
Speaker 1: you want to move to the US between fifty two
Speaker 1: hundred to twelve thousand, five hundred dollars, what the heck?
Speaker 4: In Oh, okay, that.
Speaker 5: Sounds a little bit more like what I was vibing.
Speaker 5: To be honest with you, I.
Speaker 1: Feel like that's a good estimation because obviously, if you're
Speaker 1: moving to the US, it's going to be very different
Speaker 1: to New Zealand because obviously our New Zealand friends are
Speaker 1: our friends across the ditch, and that's much less. So
Speaker 1: maybe if you are moving there, it would make sense
Speaker 1: to take your stuff, But spending twelve grands to move
Speaker 1: most after the US, absolutely not no. And if you
Speaker 1: budget for that, you could just go on a whole
Speaker 1: shopping spree by brand new everything. I don't know if
Speaker 1: this is true either completely wild. Guess I'm assuming Facebook
Speaker 1: Marketplace in the US is way more exciting than Australia.
Speaker 5: Oh yeah right.
Speaker 1: I just feel like finding secondhand furniture because I don't
Speaker 1: know about you, but like I often find myself on
Speaker 1: American TikTok and people finding like couches on the streets
Speaker 1: of New York and they're like designer couches. I'm like, well,
Speaker 1: that would obviously happen for me. Obviously, Yeah, of course
Speaker 1: as soon as you get there, now'll v. I think
Speaker 1: I know what you're gonna say, but I want to
Speaker 1: know about insurance. What are your thoughts on it moving overseas?
Speaker 1: How important actually is it? I know you know that
Speaker 1: I'm going to say it's very important, but essentially it is.
Speaker 1: And the reason is because I think if you're going
Speaker 1: to take such a risk and move overseas, insurance is
Speaker 1: the thing that's going to make sure that you're safe
Speaker 1: over there. Let's call it like a safety net. So obviously,
Speaker 1: as I've said on the podcast, harsh but true, Beck,
Speaker 1: if you can't afford to pay for insurance, you can't
Speaker 1: afford to travel.
Speaker 5: Straight in the gut, always hit in the gut.
Speaker 1: That like, also, it's the most financially responsible thing to say,
Speaker 1: and you've got to remember that. As an ex financial advisor,
Speaker 1: I see it all like and unfortunately, from my perspective,
Speaker 1: that's the truth. Like I remember one of my friends
Speaker 1: who was going on and overseas eero troupe, and she
Speaker 1: was so excited about it, and we got a wine
Speaker 1: before she left, and I was like, oh my gosh,
Speaker 1: who did you go with? Because I'm obviously pervy when
Speaker 1: it comes to money. I was like, who'd you go
Speaker 1: with for insurance? And she's like, oh, it doesn't matter.
Speaker 1: I think I've got some free stuff on my credit card,
Speaker 1: and like I booked my flats on credit card and
Speaker 1: I was like, oh okay, what credit card? Dore you
Speaker 1: we this? So then we spend twenty minutes of me
Speaker 1: like deep diving into their insurance and I was like
Speaker 1: absolutely insufficient, Like what if you get sick, what if
Speaker 1: you break your leg? What if you do all these
Speaker 1: other things?
Speaker 5: And did they cancel the trip straight after?
Speaker 2: No?
Speaker 1: They didn't. We had this. It wasn't arguing because like
Speaker 1: obviously I'm not gonna argue with you, but I was like,
Speaker 1: you are definitely getting this. Do you know what ended
Speaker 1: up happening? I gifted it to her the next day.
Speaker 1: I just couldn't do it. I just couldn't deal with it.
Speaker 1: I was like, I know that those are your values
Speaker 1: and I see it, but like, I am going to
Speaker 1: stay up all night being like she's in Europe. What
Speaker 1: if she goes hiking in Italy in falls over and
Speaker 1: needs to get home? Like absolutely not so very sweet
Speaker 1: of you. V No, it had nothing to do with
Speaker 1: me being sweet and everything to do with me lessening
Speaker 1: my own It's nice, but I was also like, a,
Speaker 1: I can't be that friend. You know what happens if
Speaker 1: something happens. And I kind of was like, in my head,
Speaker 1: if I buy this, it's going to be the biggest
Speaker 1: waste of money. And that's great because nothing will happen,
Speaker 1: and then I sleep at night. That's a really good
Speaker 1: way to look at it. I would like to through
Speaker 1: the night without waking in a panic. So I'm going
Speaker 1: to buy you travel insurance. It's probably not the way
Speaker 1: everyone should deal with their stuff. I think that's just
Speaker 1: me being kind of a little bit low sunity, but
Speaker 1: I was like, absolutely not. I kind of caught up
Speaker 1: for a wine with you. What if something then happened,
Speaker 1: What am I going to tell to your parents?
Speaker 2: Oh?
Speaker 1: Yeah, I told her to get it, but she didn't. Yeah,
Speaker 1: absolutely not, And she wasn't going for that long, so like,
Speaker 1: wasn't that expensive? She I was kind of low key, like, no,
Speaker 1: you're going to do it. You can tell I'm the
Speaker 1: older sister, right. Oh yeah, yeah, it's a bit obvious.
Speaker 5: I love that about you.
Speaker 1: So Obviously, travel insurance very very important if you have
Speaker 1: a job in the country that you're going to be
Speaker 1: living in already. So sometimes that can be teed up early.
Speaker 1: Check whether your new employer actually has insurance before you leave,
Speaker 1: because you know, if you're moving to the US, they
Speaker 1: might actually already have a health insurance policy for you,
Speaker 1: or some type of insurance policy that could benefit you.
Speaker 1: And in that case, there's literally no reason to double up,
Speaker 1: Like why pay twice? It doesn't make it double nice, Like,
Speaker 1: I just don't think that's a good idea. So confirm
Speaker 1: if you're covered for like medical expenses or theft of valuables,
Speaker 1: baggage damage, cancelations, or flight interruptions, So if you're moving
Speaker 1: for work, they might have actually done all of that
Speaker 1: for you already to cover their butts, which would be
Speaker 1: very smart. But in that case, check so that you
Speaker 1: don't double pay.
Speaker 5: That's a great idea.
Speaker 1: The insurance so nice you bought it twice doesn't actually
Speaker 1: double pay out, which sucks. If your employment agreement offers
Speaker 1: medical cover, make sure that you actually clearly understand what
Speaker 1: is and isn't included in the policy because they might
Speaker 1: be like terms that you don't understand. Do a quick
Speaker 1: google or even call the insurance company and be like,
Speaker 1: what does this mean? What's included? What's not? Because like
Speaker 1: maybe maternity isn't covered. Be like, that's not an issue
Speaker 1: for me in the next twelve months. I'm going overseats
Speaker 1: to live my best life. Not going to be a problem.
Speaker 1: But then dental isn't And you're like, oh, like what
Speaker 1: if something happens and I'm overseas, that could be a
Speaker 1: really really big cost. So make sure the things that
Speaker 1: are import to you were included. Consider local insurance to
Speaker 1: cover your needs instead of long term travel insurance because
Speaker 1: long term travel insurance can be really expensive, and if
Speaker 1: you're moving overseas for an extended period of time. As
Speaker 1: much as you can buy travel insurance, it might not
Speaker 1: be the best financial decision. So make sure you choose
Speaker 1: a cover that actually suits your needs and is actually
Speaker 1: valid for the entire period that you're living Overseastcha. So
Speaker 1: some travel insurance companies might say, ah, this is our
Speaker 1: travel insurance for a maximum of six months in the policy,
Speaker 1: So even if you can go and sign up for
Speaker 1: it for longer, it might not be valid. So double
Speaker 1: check that. If you extend your stay, remember also to
Speaker 1: extend your insurance. Like what if you beck go overseas
Speaker 1: and meet the love of your life and you're like,
Speaker 1: I'm just going to cancel this flight and stay another
Speaker 1: three months. Okay, I'm all for that. I love love,
Speaker 1: But go check your insurances and extend them out for
Speaker 1: another three months.
Speaker 5: Gotcha? Gotcha?
Speaker 1: Because what if God forbid something happens in our last
Speaker 1: three months when you've canceled it, Because it would when
Speaker 1: you don't have it as well. That's how it works.
Speaker 1: Rights of physics, that's exactly. They're the rules of the world.
Speaker 1: I don't make them, I just have to obey them.
Speaker 1: If you're not insured, you actually might have to pay
Speaker 1: thousands of dollars for upfront medical care. And I need
Speaker 1: you to understand what a reciprocal healthcare agreement is, right,
Speaker 1: So in Australia, we're actually lucky to have these agreements
Speaker 1: in place with eleven different countries where we are actually
Speaker 1: able to access publicly funded medically necessary care. So those
Speaker 1: countries are the UK, Sweden, Slovenia, Ireland, Norway, New Zealand,
Speaker 1: the Netherlands, Multi Italy, Finland and Belgium. Oh how very
Speaker 1: lovely exactly? Isn't that kind of cool? So you need
Speaker 1: to take that into consideration. If you're, like, you know,
Speaker 1: going for the top top tier of medical cover, sure
Speaker 1: do you need it? What's included in our reciprocal healthcare agreement?
Speaker 4: Ah?
Speaker 1: I did not know that was the thing that is
Speaker 1: really cool, that's really cool.
Speaker 5: I'm going to go have a Google. Let's have a
Speaker 5: little break.
Speaker 1: A little break already. I'm on a roll.
Speaker 5: It's too soon, isn't it.
Speaker 1: But I do need a little bit of ra So
Speaker 1: got to a quick breaking on the flip side, We're
Speaker 1: going to talk more about tax and importantly, what do
Speaker 1: you do with your hex when you move overseas.
Speaker 5: Let's do it all right for we are back now,
Speaker 5: I'm so excited.
Speaker 4: Are you excited?
Speaker 1: Well, you're telling me that I get to talk about
Speaker 1: tax and hex, so I'm ready.
Speaker 5: I did say you can talk as much as you like.
Speaker 1: No one's going to stop you. So this is our producer.
Speaker 1: She will stop you would let me, she would not
Speaker 1: let me, probably for the best we'd be.
Speaker 4: Now I want to talk about tax.
Speaker 5: How does it work when we move overseas?
Speaker 1: All right? So if you're an Australian resident and you're
Speaker 1: planning on moving overseas and the intention is to remain
Speaker 1: an Australian resident, then you are obliged to still lodge
Speaker 1: even if it's zero dollars an Australian tax return each
Speaker 1: and every single year. But you didn't see that coming.
Speaker 4: Oh, if you're.
Speaker 1: Working while you're there, you actually need to let the
Speaker 1: ATO zero of all your foreign employment income as well
Speaker 1: as any exempt income, even if tax was withheld in
Speaker 1: the country where you earned it. So we're not saying
Speaker 1: you're going to be double tax, but you do need
Speaker 1: to declare it to them and be like, by the way,
Speaker 1: like you know, I got paid thirty thousand pounds for
Speaker 1: my job in the UK, and they'll go, thanks for
Speaker 1: letting us know, Beck, this, this and this, because you
Speaker 1: still have to pay hex while you're away, and that
Speaker 1: is joke. Like it's not a joke, it makes sense,
Speaker 1: but like you're going to end up with a hex
Speaker 1: bill when you get back, and you might end up
Speaker 1: on the back foot. So if you work for an
Speaker 1: international company and you're doing what's called a campus exchange,
Speaker 1: then you're actually going to be taxed in exactly the
Speaker 1: same way as you were in Australia. So like, let's
Speaker 1: pretend for a hot second that she's on the money
Speaker 1: is actually UK based and you're currently working at our
Speaker 1: Australia office. And then I say, hey, Beck, come work
Speaker 1: in the UK office. But your contract for Australia is
Speaker 1: going to stay exactly the same. You're just going to
Speaker 1: come and work for us in the UK, So nothing
Speaker 1: about your income would change, which means you still do
Speaker 1: an Australian tax return, but you're working in another country.
Speaker 1: There are a whole heap of things to consider when
Speaker 1: that happens, and one of those things is the exchange rate.
Speaker 1: So like right now, if let's say she's on the
Speaker 1: money was an American company. The American exchange rate sucks,
Speaker 1: So like if I was still paying you in Australian
Speaker 1: dollars but you were living in the US, you would
Speaker 1: have to convert some of your Australian dollars to the
Speaker 1: US dollars so you could spend it and live there.
Speaker 1: You're actually on the back foot because the exchange rate sucks.
Speaker 1: So you need to consider those things when making decisions
Speaker 1: like that, because you might go, oh, v that makes sense,
Speaker 1: that's easy because I know for my budget how much
Speaker 1: is in there. Like in my brain, Australian dollars just
Speaker 1: work better, and a lot of people will immediately go
Speaker 1: that makes sense, no worries. But in reality you might
Speaker 1: be being a little bit messed over by the exchange
Speaker 1: rate because there's someone who's heading to the US soon.
Speaker 1: The exchange rate is not that pretty and I'm not
Speaker 1: looking forward to paying for things in US dollars.
Speaker 4: Got okay?
Speaker 5: And I know you said you won't be taxed twice.
Speaker 1: Let's talk about it more, right, because that seems I can't.
Speaker 1: It's a scary concept, right, because if you're moving overseas
Speaker 1: and you're like, well, why do I still have to
Speaker 1: do an Australian tax return. Surely they're trying to, you know,
Speaker 1: do a money grab. That's not the case at all.
Speaker 1: It would actually be very unusual for you to be
Speaker 1: taxed twice for anything. In Australia. We have what's called
Speaker 1: tax treaties with lots of different countries, which are formal
Speaker 1: agreements between two different jurisdictions, and we currently have these
Speaker 1: treaties in place with more than forty different jurisdictions, which
Speaker 1: is kind of cool. And these treaties are also known
Speaker 1: as double tax agreements, and they're in place to prevent
Speaker 1: people from being taxed twice. Okay, So it's okay, it's
Speaker 1: not something you need to worry about. And you're obviously
Speaker 1: in the top list of countries that has this treaty
Speaker 1: where Australia is, the UK and the US, So don't
Speaker 1: worry too much. What about the other ones that are
Speaker 1: not I'm not going to go through a list of
Speaker 1: forty if you are learning on movie, what do you
Speaker 1: mean the ones that aren't there? Right, So it's just
Speaker 1: a little bit more complex. So it just means that
Speaker 1: when you're submitting your tax return, there's no treaty in place,
Speaker 1: so like the Australian Tax Office are going to have
Speaker 1: to do a bit more to work out what is
Speaker 1: and isn't included. Again, it's going to be really unusual
Speaker 1: for you to be double tax. It's just a bit
Speaker 1: more work, a bit more paperwork, whereas this makes it
Speaker 1: really easy. And what happens is, let's pretend it's the
Speaker 1: UK for a hot second. You'll do your tax over
Speaker 1: there and you'll have all live the information and when
Speaker 1: you do your Australian tax return, you'll basically go, hey,
Speaker 1: here's the information of my UK income. And then the
Speaker 1: Australian Government's going to go, oh, but beck, did you
Speaker 1: earn anything in Australia And you'll go no, no, no, haven't
Speaker 1: even been home. So you'd put a big zero on
Speaker 1: it any other information, not submit it. They just want
Speaker 1: to know that you're checking in on an annual basis.
Speaker 1: They want to track what you're up to and what
Speaker 1: you're earning internationally, and just to be across it, they're
Speaker 1: not trying to double tax you. I promise that's very
Speaker 1: good to know. Yeah, they're not. I mean I can't
Speaker 1: promise that forever because as you know, the tax system
Speaker 1: doesn't seem that fair sometimes, but that's not the episode
Speaker 1: for this Sure, it's a conversation. It's a conversation for
Speaker 1: another day. Yeah, in the bier garden of a pub.
Speaker 1: So how do you actually sort out your taxes while
Speaker 1: you're away? So it's very easy, I promise, So make
Speaker 1: sure you have your MyGov account set up before you leave,
Speaker 1: and a lot of us might already have that. Make
Speaker 1: sure it's linked to the ATO, I say, before you leave,
Speaker 1: just because sorting things when you're in another country sucks.
Speaker 1: Having to call the Australian Taxation Office and trying to
Speaker 1: get things all sorted and dumb all you're away not
Speaker 1: a vibe. So like, just set it up before you
Speaker 1: go so you don't have to stress later. Then you'll
Speaker 1: be able to manage your finances and just stay on
Speaker 1: top of what you need to do for your tax return,
Speaker 1: and you can also manage stuff like Super through there
Speaker 1: as well as you know, other different tax bits and pieces.
Speaker 1: The thing with Super as well while you're away. Let's
Speaker 1: get to that in hot second, actually, because I know
Speaker 1: you're gonna ask, but it's very important that you're across
Speaker 1: your Super well you're away and of course, you could
Speaker 1: always get an accountant to help you. If it's a
Speaker 1: little bit too daunting, you can see a normal accountant
Speaker 1: who should be able to do it relatively quickly. If
Speaker 1: you don't have a dual income and there's nothing too
Speaker 1: complex about your situation. But if your situation is a
Speaker 1: little bit complex, or you're a super high income earner overseas,
Speaker 1: what I'd be doing is going and seeing what's called
Speaker 1: an expat accountant, which is someone who specializes in Australian
Speaker 1: residents who live overseas, so they're completely across it and
Speaker 1: will know a little bit more than the average bear accountant.
Speaker 1: In saying that your average accountant should be able to
Speaker 1: get across it, it's not that complex. Or just if
Speaker 1: you're a super high income earner or you've got any
Speaker 1: complexity around it, you might want somebody who is a
Speaker 1: little bit more, you know, in depth, to make you
Speaker 1: feel a little bit more secure.
Speaker 4: Gotcha. Okay, it's funny that you knew.
Speaker 1: I just knew you were going to ask me about
Speaker 1: Super because all I do is talk about Super because
Speaker 1: I am curious about it. So how does it work?
Speaker 1: Like you're still getting paid Super while you're overseas and
Speaker 1: lass for some reason you have that campus exchange that
Speaker 1: we're talking about, in which case you might still get
Speaker 1: paid super. However, if you move overseas, don't mean to
Speaker 1: be born but a different country doesn't care about your retirement.
Speaker 1: If you're going to remain an Australian tax resident, they're
Speaker 1: going to be like, that's your deal with Australia, Like,
Speaker 1: we don't have to pay that. Sure, they might be
Speaker 1: contributing to in the UK a pension for you, or
Speaker 1: in the US you might have a pension account or
Speaker 1: something that money is being paid into as a part
Speaker 1: of your salary package, which is fine. Again, one of
Speaker 1: the reasons why you might want to have a chat
Speaker 1: with an accountant because how do you get that money
Speaker 1: out if you're moving back to Australia in two years
Speaker 1: beck and you never have plans to live overseas. Again,
Speaker 1: having your retirement fund in the UK doesn't help you
Speaker 1: that much, doesn't it useless? So what do you do
Speaker 1: in that circumstances. But your super fund is still going
Speaker 1: to tick away while you're overseas. It's growing hopefully because
Speaker 1: of compound interest, but you're not contribute to it. So
Speaker 1: we need to be across that you'll still be charged
Speaker 1: the same fees even if you're not contributing to it.
Speaker 1: So in Australia, we know that our employers right now
Speaker 1: have an obligation to pay eleven percent of our earnings
Speaker 1: into superannuation, which is very sexy.
Speaker 5: Yeah quite like that.
Speaker 1: Well, how many of us are actually saving eleven percent
Speaker 1: of our incomes to invest into our futures? You all
Speaker 1: of us because of superanuation?
Speaker 5: I see, Oh you will. That's a truck question Bush.
Speaker 1: If you're working for the same company and you're just
Speaker 1: doing it abroad, as I said before, very likely that
Speaker 1: you're still being paid SUPER. But if you're not, and
Speaker 1: you're working for an international employer, then these changes. Because
Speaker 1: you're employee, they're not obligated to pay you Super. You
Speaker 1: need to be across it.
Speaker 5: Sure, So what are you going to do?
Speaker 1: I mean, one year of not paying for Super might
Speaker 1: not sound like a lot to you personally right now,
Speaker 1: and you might go whatever, like I'll deal with it
Speaker 1: when I get home. But it does compound, Like these
Speaker 1: are conversations that we have when the maternity conversation comes up,
Speaker 1: like and my men to just miss a whole year
Speaker 1: of superranuation, which is ultimately going to impact my retirement,
Speaker 1: Like if you're investing every year, like let's say it's
Speaker 1: between five to ten thousand dollars, If you're investing five
Speaker 1: to ten thousand dollars into your superannuation on an annual basis,
Speaker 1: that in retirement, if retirement's thirty years off for you,
Speaker 1: which probably is if you're still planning or moving overseas,
Speaker 1: because that sounds like young people stuff. That's hundreds of
Speaker 1: thousands of dollars back, right, that you're missing out on
Speaker 1: in retirement by going, Oh, it doesn't matter too much.
Speaker 1: But what if you move overseas and then it extends
Speaker 1: out and it extends out Like I have had ex
Speaker 1: financial advice clients come to me after returning from leaving
Speaker 1: in the UK for twelve years. They have not paid
Speaker 1: any super. Their super's basically been eaten away because they
Speaker 1: left it. Like let's say twenty four there were babies.
Speaker 1: They didn't have a whole heap in super to begin with,
Speaker 1: but it's been eaten away by not you know, paying
Speaker 1: attention to it. They might have had multiple super phones
Speaker 1: when they left. Fees have eaten it. Fees not sure
Speaker 1: their premiums exactly, like everything just compounds and adds up.
Speaker 1: But I just think it's so important to be across it,
Speaker 1: and if you're moving overseas, maybe still contributing to SUPE
Speaker 1: should be part of your financial plan, even if it's
Speaker 1: not the sexiest thing ever. I just think probably a
Speaker 1: good idea to make sure that financially, future you is
Speaker 1: prepared and well looked after.
Speaker 4: Future you will thank you, I know.
Speaker 1: So, Yeah, it's a bit of a downer because you
Speaker 1: do still have to pay it and it will have
Speaker 1: to be a post tax contribution obviously, but that's okay,
Speaker 1: that's okay. I still think it's sexy.
Speaker 5: Yeah, definitely.
Speaker 1: If not now, eventually we'll be.
Speaker 2: Yeah.
Speaker 5: Now I want to know what happens to our HEX
Speaker 5: or helped it.
Speaker 1: Oh, so this is a spicy I don't know if
Speaker 1: it's slicy because historically, if you moved overseas and you
Speaker 1: weren't earning an Australian income, you didn't have to pay HEX. Sure,
Speaker 1: so people would like yeat off overseas and be like Yollo,
Speaker 1: like I don't have to pay for my education, not
Speaker 1: any more, Satan. Sadly, moving overseas does not mean you
Speaker 1: get out of paying your HEX. Maybe for the best,
Speaker 1: I don't know. I like the idea of being to
Speaker 1: skip the country. It sounds real cool, right you're actually like, oh,
Speaker 1: skip the country, don't have to pay my nearly on
Speaker 1: hundred thousand dollars worth of hex bag black that is
Speaker 1: calling my name. Turns out that's not the case, and
Speaker 1: if I did move to the UK, I would still
Speaker 1: have to pay it. So long as the income you're
Speaker 1: making when you're abroad is above the minimum payment threshold,
Speaker 1: then you actually still need to make repayments on your
Speaker 1: HEX or helped it as you were if you were home.
Speaker 1: And this is something that, as I said before the break,
Speaker 1: I was like, we're going to talk about it. This
Speaker 1: is something that stings a lot of people who decide
Speaker 1: to move overseas because they go, whatever, I'll move back
Speaker 1: in twelve months. They come back in twelve months. Maybe
Speaker 1: they've dragged their feet a little bit doing their tax return.
Speaker 1: They get their tax return and they're told that they
Speaker 1: have to pay eight thousand dollars in HEX. You've just
Speaker 1: come back from an overseas trip. You don't have eight grand.
Speaker 4: What are you going to do? What the hecking that
Speaker 4: would suck us.
Speaker 1: So obviously, again, this is for people who are moving
Speaker 1: overseas long term, not just like a couple of months
Speaker 1: or a holiday. But I think it's important to note
Speaker 1: it is because Beck, if you talk to your mum,
Speaker 1: she might go, oh, no, if you ever sees you
Speaker 1: don't have to pay Hex, yes you do, Satan.
Speaker 5: How long ago was it you didn't have to do that?
Speaker 5: Do we know?
Speaker 1: Maybe like five or ten years? I can't remember. I
Speaker 1: obviously don't quote me on that. I haven't looked it up.
Speaker 1: And to be honest, I haven't looked it up because
Speaker 1: it's irrelevant because it's not going to steal Starue still stand.
Speaker 1: It's like when I used to go to financial advice conferences, Beck,
Speaker 1: and like I was relatively new to the industry, like
Speaker 1: as you guys know, I'm not exactly like you know,
Speaker 1: a stoic feature in this industry, and a go people
Speaker 1: would just talk about what the industry used to be,
Speaker 1: like like how rogue conferences would be. How you know
Speaker 1: all these financial institutions used to pay advisors like astronomical
Speaker 1: bonuses and like give them like flights to like Monoco
Speaker 1: and stuff while they were there so that they could
Speaker 1: impress them so hopefully their product would be used, and
Speaker 1: like right, that's now illegal. Right, that's a good reason.
Speaker 1: But they used to be like, oh, the industry used
Speaker 1: to be so good, and I'm like, why are you
Speaker 1: telling me this? Yes? Are you just flexing on something
Speaker 1: I'll never have? It's good to know that it could
Speaker 1: have been a lot sweeter than this. You used to
Speaker 1: take the absolute mickey, and now we have more regulation,
Speaker 1: Royal Commission. But also, older white men used to be
Speaker 1: the ones that were far more across this than you.
Speaker 1: To see their females in the industry, Oh yeah, but
Speaker 1: it was always very interesting hearing their takes, and I
Speaker 1: feel like that's the same with you know, oh you
Speaker 1: used to not have to pay it like okay, sure
Speaker 1: who story brose. It doesn't apply.
Speaker 5: Anymore, It doesn't. And ignorance is bliss sometimes.
Speaker 1: Is it?
Speaker 5: Yeah?
Speaker 1: Artists always definitely be. My last question to you, yes,
Speaker 1: is what happens to our investments? Can we still invest?
Speaker 2: Yes? Yes?
Speaker 1: Yes, yes, So that's actually a really good question. And
Speaker 1: again is going to depend on how long you're moving
Speaker 1: overseaseful if you're listening to this going, I'm moving to
Speaker 1: London forever. Well, that's a different situation than I'm moving
Speaker 1: to London for twelve months, two years, three years. Because
Speaker 1: if your ultimate intention is to come back to a
Speaker 1: Australia and base yourself in Australia and retire here, then
Speaker 1: it would make the most sense to not invest in
Speaker 1: an international environment because one, there's going to be currency
Speaker 1: exchange issues that you're going to run into, transfer issues
Speaker 1: like if it's overseas, like how you're going to manage
Speaker 1: it when you come home. But also it makes more
Speaker 1: sense to either invest while you're away in Australia, which
Speaker 1: you can still do, or you know, put it on
Speaker 1: hold for a little while while you're overseas and maybe
Speaker 1: put that money towards you know, living overseas because it's
Speaker 1: much more expensive than when you're home. So completely up
Speaker 1: to you. Yes, you can still invest, but I would
Speaker 1: probably not go and invest in an international market in
Speaker 1: international currency and like open a whole new share trading
Speaker 1: platform internationally if the intention isn't to stay long term.
Speaker 4: Okay, that makes sense.
Speaker 1: That's all I've got for you on this topic at
Speaker 1: this point in time. Though, back, Oh, thank you, well,
Speaker 1: that was fantastic actually was it? Yeah, I don't think other.
Speaker 1: Oh good good the last co to London, so true.
Speaker 1: Surprise me. If you were like, I'm gonna follow suit,
Speaker 1: I'm not gonna do it too. No, I'm not gonna
Speaker 1: do it. You're so kind, you are so kind. All right.
Speaker 1: I think that is. Unfortunately all we have time for today.
Speaker 1: We will see you guys on Friday. Have the best week.
Speaker 4: Hi guys.
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